Binance and FTX, one of the major cryptocurrency exchanges, announced four altcoins. According to the announcements, Binance Convert is adding SNM and BETH to the platform. On the other hand, FTX is stopping Ethereum trading on certain networks. Here are the details…
FTX stops Ethereum trading on these networks
Ethereum developers promised no downtime during Merge, one of the most anticipated Ethereum upgrades. However, members of the crypto community decided to take proactive measures to ensure the safety of investor funds. In this effort, crypto exchange FTX made the statement. It has announced that it will halt Ethereum (ETH) transactions on various blockchains until the September update ends.
https://twitter.com/FTX_Official/status/156573113680797696
Merge upgrade plans to use Ethereum Blockchain to reduce energy consumption. It also aims to promote sharding capabilities. It will permanently migrate from a proof of work (PoW) to a proof of stake (PoS) consensus mechanism. According to Ethereum developers, Merge is designed to migrate to PoS with zero downtime due to terminal total difficulty (TTD), which will enable the transition based on total mining power to build a chain. Despite the announcement, FTX has chosen to suspend “deposit and withdrawal transactions until the merge is complete and networks are stable.”
Which networks are holding ETH transactions?
As the ETH merge approaches, FTX will temporarily disable blockchain transfers of secondary chains for ETH to ensure the settlement is clean. Main chain ETH transfers will remain active for longer. Ethereum trading on various Blockchains will be suspended at different times. However, this is subject to change depending on the expected complications. You can see the official suspension times for ETH trading as follows:
- Arbitrum One ETH: 7 September 2022 at 03:00 CEST
- Solana (Wormhole) ETH: 15 September 2022 at 03:00 CEST
- Binance Smart Chain (BSC) ETH: September 15, 2022 at 03:00 CEST
FTX also pointed out that the crypto exchange is not responsible for the loss in case of large price fluctuations. “It is your responsibility to understand the implications of this announcement,” he added. Clarifying one of the biggest misconceptions about Merge, the Ethereum Foundation announced that the upcoming upgrade will not reduce gas fees.
Binance Convert adds SNM and BETH
Binance announced the addition of SNM and BETH to the Binance Convert platform. Thus, users will now have the opportunity to exchange SNM and BETH for BTC, BUSD, USDC. It will also be able to trade against other tokens supported by Binance Convert for zero fees. As we have reported as Kriptokoin.com, Binance Convert is a service where users can convert their cryptocurrency to another cryptocurrency in seconds. Binance Convert also powers the Binance app’s Convert functionality. The app is the main option for buying crypto in Binance Lite mode.
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